The U.S. Commodity Futures Trading Commission (CFTC) today announced the ‎filing of a civil enforcement complaint against Jamal Y. Vance and his company, charging them with operating a ‎fraudulent scheme that offered Forex and commodity futures transactions.

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The U.S. derivatives regulator says that Jamal Y. Vance and All City Investments, LLC fraudulently solicited customers on their website, allcityinvestments.com, to open and deposit funds with a brokerage firm based in Dominica. They also demanded that the victims sign a limited power of attorney that designated this broker, which provides an online forex Trading Platform , as an agent to transact in margined FX transactions on their behalf.

In connection with the promotion of his pool, Jamal, using his ‎website, made a series of materially false claims to lure investors interested in ‎forex trading. Specifically, the claims to bolster credibility included that his trading activities yielded 2,675.10% growth in nearly two years, from December 2013 through September 2015. It further falsely claimed that All City performed 444 trades during that timeframe, 442 (99.55%) of which made profits while only two trades were lost.

As also alleged, the website contained a graph with an accompanying table and text that misleadingly showed a track record with false information. Vance and All City are also charged with acting as a commodity trading advisor, or associated person of a CTA, without obtaining the required registrations.

As a result of the actions the commission seeks full restitution to ‎defrauded participants, disgorgement of any ill-gotten gains and a civil monetary ‎penalty. In addition to the fiscal penalties the CFTC seeks “permanent registration and trading bans, and a permanent injunction against future violations of federal commodities laws,” as charged.

Finally, the CFTC warned victims in its statement that they may not recover ‎their lost money because the wrongdoers may not have sufficient funds ‎or assets.‎

The U.S. watchdog has been actively targeting firms and individuals involved in the illegal ‎‎trading and fraudulent activity. The CFTC has issued several customer ‎protection Fraud Advisories that provide the warning signs of ‎fraud, including the ‎Commodity Pool Fraud Advisory, which warns customers about a type of fraud that ‎involves individuals and firms, often unregistered, offering investments in commodity ‎pools.‎

The U.S. Commodity Futures Trading Commission (CFTC) today announced the ‎filing of a civil enforcement complaint against Jamal Y. Vance and his company, charging them with operating a ‎fraudulent scheme that offered Forex and commodity futures transactions.

Take the lead from today’s leaders. FM London Summit, 14-15 November, 2016. Register here!

The U.S. derivatives regulator says that Jamal Y. Vance and All City Investments, LLC fraudulently solicited customers on their website, allcityinvestments.com, to open and deposit funds with a brokerage firm based in Dominica. They also demanded that the victims sign a limited power of attorney that designated this broker, which provides an online forex Trading Platform , as an agent to transact in margined FX transactions on their behalf.

In connection with the promotion of his pool, Jamal, using his ‎website, made a series of materially false claims to lure investors interested in ‎forex trading. Specifically, the claims to bolster credibility included that his trading activities yielded 2,675.10% growth in nearly two years, from December 2013 through September 2015. It further falsely claimed that All City performed 444 trades during that timeframe, 442 (99.55%) of which made profits while only two trades were lost.

As also alleged, the website contained a graph with an accompanying table and text that misleadingly showed a track record with false information. Vance and All City are also charged with acting as a commodity trading advisor, or associated person of a CTA, without obtaining the required registrations.

As a result of the actions the commission seeks full restitution to ‎defrauded participants, disgorgement of any ill-gotten gains and a civil monetary ‎penalty. In addition to the fiscal penalties the CFTC seeks “permanent registration and trading bans, and a permanent injunction against future violations of federal commodities laws,” as charged.

Finally, the CFTC warned victims in its statement that they may not recover ‎their lost money because the wrongdoers may not have sufficient funds ‎or assets.‎

The U.S. watchdog has been actively targeting firms and individuals involved in the illegal ‎‎trading and fraudulent activity. The CFTC has issued several customer ‎protection Fraud Advisories that provide the warning signs of ‎fraud, including the ‎Commodity Pool Fraud Advisory, which warns customers about a type of fraud that ‎involves individuals and firms, often unregistered, offering investments in commodity ‎pools.‎